FG Unveils ₦1 Trillion Exploration Fund, Digitises Mining Operations to Curb Corruption
The Federal Government has introduced a ₦1 trillion exploration fund and fully digitised mining operations to reposition the solid minerals sector for transparency, efficiency, and global competitiveness.
Minister of Solid Minerals Development, Dr. Oladele Henry Alake, announced these measures on Tuesday at the Nigeria Mining Week 2025 in Abuja, describing them as part of the government’s comprehensive reform plan to drive investment and eliminate corruption.
He said the new High-Impact Exploration Programme will provide grant funding for mineral exploration in geochemistry and geophysics while also offering scholarships and research support to Nigerian geologists and scientists.
“We have so many investors who do not have access to adequate funding,” Alake said. “The High-Impact Exploration Programme, a grant funding scheme, will support mineral exploration and it will be ground-based, supporting exploration geochemistry and geophysics.”
Alake explained that the ₦1 trillion fund aims to close the financing gap in the sector and strengthen Nigeria’s geological data base. He said part of the programme involves collaboration with the Ministry of Finance to seal loopholes in the mining value chain.
“We’ve identified some of the leakages and made a proposal to the President, which was approved, and we’re working with the Ministry of Finance to bring it to life,” he said.
In addition to the funding initiative, the minister disclosed that the government has fully digitised mining operations, eliminating physical interactions between investors and officials to reduce corruption and bureaucratic delays.
“We have digitised the mining application processes. We have digitised most of the operations of solid minerals such that I myself work from any part of the world,” he said.
“There is no interpersonal connection on transactions. You don’t need to see any official, and we are the most corrupt-free sector.”
Alake added that digitisation allows remote processing of mining applications, ensuring seamless service delivery and improving investor confidence.
He said the reforms also include the creation of the Nigerian Geological Survey Agency, to centralise all geological data and coordinate exploration activities nationwide.
“The Nigerian Geological Survey Agency will be the custodian of all geological data in the country. All data must be brought to its centre for coordination so that investors don’t need to go around gathering geological data in Nigeria,” the minister said.
